StockNews.com Downgrades Hyster-Yale Materials Handling (NYSE:HY) to Hold

Hyster-Yale Materials Handling (NYSE:HY) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

Hyster-Yale Materials Handling Stock Performance

Shares of HY stock opened at $44.55 on Friday. The company has a quick ratio of 0.61, a current ratio of 1.36 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $779.89 million, a price-to-earnings ratio of 5.00 and a beta of 1.27. The stock has a fifty day moving average of $51.58 and a 200 day moving average of $56.53. Hyster-Yale Materials Handling has a 52 week low of $42.59 and a 52 week high of $84.44.

Hyster-Yale Materials Handling declared that its board has approved a share repurchase plan on Monday, November 18th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 5.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Hyster-Yale Materials Handling

Several large investors have recently bought and sold shares of the business. Covestor Ltd grew its position in Hyster-Yale Materials Handling by 21,350.0% in the third quarter. Covestor Ltd now owns 429 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 427 shares in the last quarter. Pinpoint Asset Management Ltd purchased a new position in shares of Hyster-Yale Materials Handling during the third quarter valued at approximately $32,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Hyster-Yale Materials Handling during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. grew its position in Hyster-Yale Materials Handling by 421.8% in the 4th quarter. Meeder Asset Management Inc. now owns 741 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 599 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Hyster-Yale Materials Handling during the fourth quarter worth $76,000. Institutional investors own 46.47% of the company’s stock.

About Hyster-Yale Materials Handling

Hyster-Yale, Inc, through its subsidiaries, designs, engineers, manufactures, sells, and services a line of lift trucks, attachments, and aftermarket parts worldwide. The company manufactures components, such as frames, masts, and transmissions; and assembles lift trucks. It markets its products primarily under the Hyster and Yale brand names to independent Hyster and Yale retail dealerships.